Kamvol
OJSC Kamvol
UNP: 100074393 · 176 Mayakovskogo St., Minsk
Identification
Financial statements
k BYN
| Line item | Reporting year | Prior year |
|---|---|---|
| Fixed assets | 520 119 | 488 926 |
| Intangible assets | 77 | 85 |
| Income-bearing investments in tangible assets | 3 | 2 |
| Investments in long-term assets | 2 172 | 14 403 |
| Long-term financial investments | 100 | 100 |
| Long-term receivables | — | — |
| Total Section I (long-term assets) | 529 451 | 509 052 |
| Inventories | 35 369 | 31 212 |
| — materials | 9 272 | 9 396 |
| — work in progress | 4 423 | 5 053 |
| — finished goods and merchandise | 21 313 | 16 496 |
| — goods shipped | 361 | 267 |
| Deferred expenses | 84 | 3 105 |
| VAT on acquired goods, works, services | 35 | 2 |
| Short-term receivables | 18 085 | 12 905 |
| Short-term financial investments | — | — |
| Cash and cash equivalents | 987 | 2 750 |
| Other short-term assets | 10 | 10 |
| Total Section II (short-term assets) | 56 712 | 50 834 |
| BALANCE (assets) | 586 163 | 559 886 |
| Charter capital | 10 092 | 10 092 |
| Reserve capital | 126 | 126 |
| Additional capital | 172 901 | 141 109 |
| Retained earnings (uncovered loss) | 25 086 | 18 584 |
| Total Section III (equity) | 208 205 | 169 911 |
| Long-term loans and borrowings | 194 319 | 198 897 |
| Long-term lease liabilities | — | — |
| Deferred income | 124 890 | 124 605 |
| Total Section IV (long-term liabilities) | 326 367 | 329 042 |
| Short-term loans and borrowings | 2 509 | 4 563 |
| Current portion of long-term liabilities | 20 916 | 22 185 |
| Short-term payables | 28 122 | 20 336 |
| — to suppliers, contractors, providers | 5 215 | 2 997 |
| — on payroll | 1 094 | 863 |
| — on lease payments | — | — |
| Total Section V (short-term liabilities) | 51 591 | 60 933 |
| BALANCE (equity and liabilities) | 586 163 | 559 886 |
Computed metrics
Integrity checks
Checks passed: 4 of 6
Failed checks indicate gaps or inconsistencies in the source filing itself (typically in form F4, the cash-flow statement), not data-entry errors. The balance sheet (assets = liabilities) reconciles for every enterprise.
Signals
- Negative operating cash flow: result of current activity −1,767k on revenue of 48,216k (though sharply improved from −13,584 a year earlier).
- Withdrawal of capital by the owner: 120,248k was paid out during the year as a share of profit to the state — 18 times the annual net profit (6,644k), even as the enterprise itself lacks working capital.
- Liquidity below the norm: current liquidity ratio 1.099 against the norm of ≥1.25 (the enterprise does not fully cover current liabilities with current assets).
- High debt load: long-term loans and borrowings 194,319k (predominantly an investment loan under state guarantees), the short-term portion of debt due 20,916k.
- Revenue stagnation: 0% growth in nominal terms (48,216 versus 48,372), i.e. a decline in real terms accounting for inflation.
- Rising overdue debt: overdue receivables 3,657k, overdue payables 7,911k — unstable receipts from customers due to sanction pressure on settlements.
- Thin real capital: equity 208,205k almost entirely formed by revaluation (additional paid-in capital 172,901k); real capital excluding revaluation ~35,178k on a balance sheet of 586,163k.
- Low cash content of revenue: receipts from customers 33,202k against revenue of 48,216k.
- Profitability turnaround: net profit grew from 296 to 6,644k (×22); net profitability 13.78% versus 0.61%.
- Rising sales profitability: profit on sales 6,188k versus 2,571k, profitability 12.83% versus 5.32%.
- Cost-of-sales reduction with stable revenue: cost of sales 32,642k versus 36,133k, gross profit grew to 15,574k.
- Reduced debt load: total credit debt −3.26% over the year; the volume of interest repayment declined.
- Presence of export deliveries and expansion of sales markets (per the annual report).
Recommendation
This light-industry enterprise (manufacture of woollen fabrics) with near-full state participation shows a dual picture. On the operating side 2025 is a year of marked turnaround: net profit grew 22× (from 296 to 6,644k), sales profitability rose to 12.83%, cost of sales was reduced with stable revenue, and operating cash flow, while still negative (−1,767k), improved manifold. On the structural side the position is difficult: the current liquidity ratio of 1.099 is below the norm, the debt load is high (an investment loan under state guarantees of 194,319k), and equity is almost entirely formed by asset revaluation — real capital is thin relative to the balance sheet. The decisive factor against privatization: in the reporting year 120,248k was withdrawn from the enterprise as a share of profit in favour of the state owner — a sum 18 times the annual net profit, while there is simultaneously a shortage of working capital for raw-material purchases. This points not to readiness for sale but to a need for structural remediation: debt relief, normalization of working capital and review of owner withdrawals. Restructuring is recommended while preserving the operationally viable core.